By Erika Benjamin
Public Bank Bhd founder and chairman Tan Sri Dr Teh Hong Piow said the group is “staying agile” in response to the digital banking evolution and is proactively building and enhancing its digital capability to serve customers better.
Teh said today in Public Bank’s annual report that the group is watchful of the opportunities arising from financial technology, and at the same time is mindful of the associated risks.
“Rapid advancement in technology is driving innovation, lifestyle changes and new ways of doing business. Many financial institutions are actively exploring ways to enhance their digital capability to meet fast-changing customer expectations.
The group will identify technology innovation which is relevant to the needs of its customers, in order to adapt to the competitive dynamics,” Teh said.
In addition to business growth, banks are increasing their focus and effort on regulatory matters, in response to evolving risks.
He said as new innovation emerges and consumer expectation evolves, there is greater need for responsible and ethical banking conduct to help ensure continued stability and resilience of the banking sector.
“This will lay a stronger foundation for higher business growth in future, built on the trust and confidence of the public.
Global experience has also taught us that regulations matter more than ever today. In this respect, the group will continue to enhance its compliance processes, and be vigilant to strengthen the group’s capabilities and performance in governance, risk management and compliance,” he said.
At Bursa Malaysia, Public Bank shares were traded at RM23.88 at 11:09am for a market value of RM92.18 billion. Public Bank saw 1.4 million shares traded.